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Debt Obligations

3 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

The following table presents the Company’s debt obligations (in millions):

	June 30, 2018				March 31, 2018
Term Loan	$	109.0			$	229.8
4.000% Senior Notes due 2024	450.0				450.0
Revolving Credit Facilities	266.9				200.0
Other	0.9				0.9
Total debt	826.8				880.7
Less: Unamortized debt issuance costs	3.7				4.2
Less: Unamortized discount on long-term debt	2.0				2.1
Total carrying value of debt	821.1				874.4
Less: Short-term debt	266.9				200.0
Total long-term debt	$	554.2			$	674.4

Senior Unsecured Revolving Credit Facility

The 2017 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.5 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2017 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type.  As of June 30, 2018, the Company was in compliance with all covenants related to this agreement.

As of June 30, 2018 and March 31, 2018, the Company had borrowings of $266.9 million and $200.0 million, respectively, outstanding under the 2017 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. Stand-by letters of credit of $16.3 million were outstanding as of June 30, 2018. At June 30, 2018, the amount available for future borrowings under the 2017 Revolving Credit Facility was $716.8 million.

See Note 10 to the Company’s Fiscal 2018 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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